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Tesla (NASDAQ:TSLA) CEO Elon Musk has reportedly fired the head of the carmaker’s North American and European operations over dissatisfaction with the company’s performance and fading popularity, sources cited by Forbes said.
Omead Afshar — who began his career as a Tesla engineer in 2011 and rose to become one of Musk’s top lieutenants — was reportedly being held accountable for underperformance in European sales.
According to the company’s most recent sales figures, Tesla’s (NASDAQ:TSLA) EV sales were down for a fifth consecutive month in Europe, a decrease of ~28% from May 2024, despite increased demand for EVs across the continent. Data from the European Automobile Manufacturers Association (“ACEA”) corroborated waning demand as Tesla (NASDAQ:TSLA) registrations were down 40.5% in May to 8,729 units, cutting the company’s market share to 0.9% from 1.6% last year. Year-to-date, Tesla’s (TSLA) market share stands at 1.1% from 2% a year ago.
Ahead of the company’s Q2 delivery report, analysts expect 393,000 vehicles were delivered globally during the quarter, down 11% year-over-year, but a 17% improvement from the previous quarter.
Tesla (TSLA) shares are straddling the flatline at midday on Thursday, struggling to avoid a third day in the red.